FCA Declares ICAP Crypto as Scamming Threat

The Financial Conduct Authority (FCA) has issued a warning to people about a threatening cryptocurrency clone firm, labeled as ICAP Crypto. It is a crypto-clone organisation of the ICAP Europe Limited. Their aim and goal of the system is that they use the knowledge of people taken from a credible firm and show themselves as a legit organization.

The first firm goes with the title ICAP Europe Limited, which is filed and legalized by the authoritative body FCA. The clone firm has been using the accreditations of the original company and cheating people. Fair Oaks Crypto harassed potential customers and investors by cloning itself with Fair Oaks Capital, while the latter, Good Crypto attached itself with Corporate Finance Company and robbed people by misleading the registered data of the people.

Forex, crypto, and investment backers have been scammed to an outlay of more than $34 million by certain companies in the past, according to a report by the FCA. The FCA is also staring at banning “potentially hazardous secondhand products related to crypto-currencies”. FCA has authorized and sanctioned three blockchain companies to operate under its governing body. FCA, in the past too, have advised investors of two such groups that were duping people by cloning as cryptocurrency business firms. The companies went by the handles Fair Oaks Crypto and Good Crypto respectively.

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